New name, people at HSM
LISLE, Ill. - The Honeywell Security Monitoring business bought by GTCR Golder Rauner in 2004 has gone through numerous changes in recent months, taking on a new name, creating corporate headquarters and adding employees.
The efforts appear to be paying off, as its security business has grown 18 percent month-over-month from July 2004 through December of last year, according to Tim Whall, president and chief operating officer.
The companyÃ¢â‚¬â„¢s focus is on the national account market and commercial security systems. Today it serves 126,000 customers, up from 120,000 when it came under new ownership in late June. GTCR bought the business from Honeywell for $351 million.
One significant change for the company is that it is now branded as HSM, but still incorporates the Honeywell Security Monitoring name as part of a tag line with the company logo. In its second year under new ownership, it will add the word 'formerly' to that tag line and by the third year it will eliminate the Honeywell name completely.
According to Whall, itÃ¢â‚¬â„¢s a balance between ensuring that customers associate the company as the same business as prior to the acquisition, but at the same time create a new identity.
In addition with coming up with a new name, the company formed corporate headquarters in Lisle, Ill., for 24 employees that handle human resources, finance, corporate services, fleet management and purchasing supplies.
And, unlike its former owner, which eliminated positions in recent years, the new owners of HSM have added general managers and sales people. Today, the company employs 870 people, up from 794 in June, in 48 branches.
Some of the additions include bringing onboard five general managers in the Chicago, Baltimore, Riverside, Calif., Houston and Seattle markets.
Ã¢â‚¬Å“ThereÃ¢â‚¬â„¢s room for more,Ã¢â‚¬Â said Whall, who expects to hire additional employees in 2005.